Several readers are interested in what makes a 'buyers market.' "Can we have a thread on what a 'buyer’s market' really is. There seems to be a misconception going around that a 'buyer’s market' is when the price only goes up 5%, or maybe even if the price is flat."

"I don’t agree. A 'buyer’s market' is when an asset trades beneath its intrinsic value. Just because buyer’s right now can get some small concessions from a seller that they couldn’t get a year ago doesn’t mean that it’s a 'buyer’s market.' In the bubble areas, prices will have to go down 40% or more for it to be a 'buyer’s market.'"

Another added, "Exactly, this market is far from being a true buyers market."

And another, "Substantially BELOW asset value AFTER inefficiencies and transaction costs and lost opportunity costs are subtracted. That means markets like Buffalo. Zip or Zill or Real the Buffalo area for thousands of houses for sale below the cost of demolition."